Capello, Roberta, Caragliu, Andrea, (2016), “After crisis scenarios for Europe: alternative evolutions of structural adjustments”, Oxford University Press, Cambridge Journal of Regions, Economy and Society, Issue 1, Volume 9, pp. 81-101, Μάρτιος. Structural adjustment in the European Union emerged as the result of the 7-year crisis, providing risks and opportunities to national and regional economies. The effects that these structural changes will generate are difficult to be foreseen. This article builds after-crisis scenarios for Europe on the …Read More
The invisible hand of the government: “Moral suasion” during the European sovereign debt crisis
Ongena, Steven, Popov, Alexander, Van Horen, Neeltje, (2016), “The invisible hand of the government: “Moral suasion” during the European sovereign debt crisis”, Centre for Economic Policy Research, Μάρτιος. Using proprietary data on banks’ monthly securities holdings, we find that during the European sovereign debt crisis, domestic banks in fiscally stressed countries were considerably more likely than foreign banks to increase their holdings of domestic sovereign bonds in months with relatively high domestic sovereign bond issuance. This …Read More
Real wages in the business cycle and the theory of income distribution: an unresolved conflict between theory and facts in mainstream macroeconomics
Stirati, Antonella, (2016), “Real wages in the business cycle and the theory of income distribution: an unresolved conflict between theory and facts in mainstream macroeconomics”, Oxford University Press, Cambridge Journal of Economics, Issue 2, Volume 40, pp. 639-661, Μάρτιος. The focus of this article is the recurring tension between mainstream macroeconomics and observed facts in connection with the difficult task of providing explanations of the business cycle consistent both with the traditional theory of income …Read More
The spatial aspects of economic crisis in Greece
Petrakos, George, Psycharis, Yannis, (2016), “The spatial aspects of economic crisis in Greece”, Oxford University Press, Cambridge Journal of Regions, Economy and Society, Issue 1, Volume 9, pp. 137-152, Μάρτιος. This article sets out to test econometrically the performance and determinants of NUTS III regions in Greece during the recent economic crisis. Results indicate that economic crisis has further intensified regional inequalities by strengthening the prominent role of Athens metropolitan region in the development map of the country. …Read More
Financial assistance to Greece: Three programmes
Colasanti, Fabio, (2016), “Financial assistance to Greece: Three programmes”, European Policy Centre, 26 Φεβρουαρίου. There are a lot of myths surrounding the bailout money that was given to Greece. Many people still believe that the money never went to the Greek people, but to the Greek and European banks; that the intervention of the euro-area governments and the IMF dealt almost exclusively with the Greek debt; that very little money was used …Read More
What’s Different about Monetary Policy Transmission in Remittance-Dependent Countries?
Barajas, Adolfo, Chami, Ralph, Ebeke, Christian, Oeking, Anne, (2016), “What’s Different about Monetary Policy Transmission in Remittance-Dependent Countries?”, IMF Working Paper No. 16/44, 1 Μαρτίου. Despite welfare and poverty-reducing benefits for recipient households, remittance inflows have been shown to entail macroeconomic challenges; producing Dutch Disease-type effects through their upward (appreciation) pressure on real exchange rates, reducing the quality of institutions, delaying fiscal adjustment, and ultimately having an indeterminate effect on long-run growth. The paper explores …Read More
A comparison of nominal and indexed debt under fiscal constraints
Beetsma, Roel, Westerhout, Ed, (2016), “A comparison of nominal and indexed debt under fiscal constraints“, Centre for Economic Policy Research, Φεβρουάριος. This paper makes a welfare comparison between the issuance of price-indexed and nominal public debt in the presence of fiscal constraints, viz. a debt constraint, a deficit constraint and a combination of both. Distortionary taxes or public consumption are regulated to avoid the violation of the relevant fiscal constraint(s). Under a debt …Read More
Social Investment and State Capacity
Beblavý, Miroslav, Hájková, Alžbeta, (2016), “Social Investment and State Capacity“, Ceps Publications, 29 Φεβρουαρίου This paper looks at the difference between the levels and nature of social policy expenditure in northern and northwest European countries and the countries of southern, central, and eastern Europe, and examines the relationship between social investment and state capacity in these country groupings. The authors show that southern and eastern countries have a much greater preference …Read More
Getting the most from public R&D spending in times of budgetary austerity
Veugelers, Reinhilde, (2016), “Getting the most from public R&D spending in times of budgetary austerity”, Bruegel, 24 Φεβρουαρίου This working paper reviews the evidence on the impact of public R&D spending. The authors first look at the evidence from micro analysis of the impact of public intervention on private R&D and innovation, with a focus on the latest results from crosscountry micro-research performed within SIMPATIC. To analyse the impact of public R&D on growth, the micro-results on private R&D investment …Read More
What’s so special about specialization in the euro area?
Mongelli, Francesco Paolo, Reinhold, Elisa, Papadopoulos, Georgios, (2016), “What’s so special about specialization in the euro area? – Early evidence of changing economic structures”, European Central Bank, Occasional Paper Series, No 168, Φεβρουάριος. Euro area countries exhibited modest convergence prior to the financial crisis and diverged thereafter. Such divergence has been examined from many angles, and various narratives of the crisis have developed. Surprisingly, the gradual transformation of the economic structures of euro area countries over …Read More